Amidst the rise of discourse around fraudulence in the crypto market, popular YouTube star and entertainer, Logan Paul, has once again come under public criticism for his support and promotion of Dink Doink, another dubious crypto asset on the decentralized market.
Interestingly, Paul and numerous other social media stars, including Ricegum and some members of Esports organisation Faze Clan, came under fire for promoting a pump and dump coin famously known as “Save the Children,” not to be confused with the charity.
This development has once again given rise to the debate of social media and the impact of its star influencers on decentralized platforms. Besides that, the rise of meme tokens and the boom in discourse, alongside highly volatile and speculative values, are at odds with a crypto market which is already struggling for credibility.
Claiming to revolutionize the digital assets market, the coin creators planned to launch several cartoons and movies with a spring mascot.
Last month, while talking to Business Insider, the company’s CEO, Jake Broido, argued that the main goal of the new media coin was to create characters that the company does not own; instead, the community of investors benefits from the media produced.
The marketing of this coin involves a South Park-inspired cartoon featuring one of YouTube’s biggest stars, Dani, and Dink Doink. The plan included producing cartoons, characters, movies, and strategic episodes.
The Market Cap of Media Coins
With a market cap of $1.7 million, Dink Doink has a maximum supply of ten quadrillion tokens. At the time of writing, per the data provided by the company, there are as many as ten thousand addresses currently in existence.
So far, the price analysis of the token is limited, primarily because of its relatively recent launch date at the end of June. Still, just days after its launch on June 28th, the token saw a massive surge of 40,000%. Since then, the coin has been on a bearish run, dropping from its all-time high to its present value of $0.000000000136, which represents a loss of more than 99.3% of its value.
Logan Paul Presents Himself As an Unaffiliated Investor
Although the world-famous entertainer has claimed to be a random and unaffiliated investor, Coffeezilla has accused him of creating Dink Doink. On the other hand, Paul has also made fun of the digital token, calling it “dumb.” People have increasingly warned that this prevailing pump and dump culture will invite more scrutiny from government regulators.